Automated trading agents verses virtual humans: An evolutionary game-theoretic comparison of two double-auction market designs
نویسندگان
چکیده
In this paper we describe an analysis, using evolutionary game theory, of two double auction markets—the clearing house auction and the continuous double auction. We use heuristic-strategy approximation to analyse two broad classes of traders. One heuristic strategy approximates human behavior, and the other is a simple automated strategy, so our analysis permits us to predict the evolution of markets in which human and agent-based traders coexist. Our analysis also allows us to compare market-design objectives such as the expected efficiency of the two markets.
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